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New trader trying to put a trading plan together

walpants
Mar 12 2019 at 09:32
44 posts
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.

dylanjessop
Mar 18 2019 at 06:53
34 posts
walpants posted:
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.


simple support and resistance levels would be a good place to start

ParticipantLAD
Mar 18 2019 at 08:57
2 posts
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.

LeBuffon
Mar 18 2019 at 15:12
11 posts
ParticipantLAD posted:
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.



This sounds very complicated and a lot to implement. Are there templates for trading plans that can be copied? I have no idea about strategy, rules that I will use.

Teejy88
Mar 19 2019 at 06:56
35 posts
Take your time, demo demo demo before thinking about trading for real.

Mcross
Mar 19 2019 at 11:23
10 posts
3 months on demo at least. Never consider real account before that. If you try live and fail then go back to demo. it can take years to understand trading. I still do not!

MrRenev
Mar 20 2019 at 06:57
3 posts
Who are you? Background? Interests? What are your goals? Etc. Just go watch videos on youtube (UKspreadbetting & MoneyWeek are good channels), read about all this on investopedia, read the forums, ideas, etc...
There are systems spread over the internet you can look at this for fun.

I started live immediately. Demo... idk it's boring. Will teach patience I guess but it could also push you to risk alot make you confident couldn't it?
Going live doesn't mean you have to take 10 trades a week risking 1/10 of your account every trade.

Short it to the ground
REB_FX (REB_FX)
Mar 21 2019 at 07:01
35 posts
ParticipantLAD posted:
Hey Walpants, Good on you for asking this question as it's a foundation must of trading.

You first want to focus on your timetable, What obligations do you have currently? Job? Children? Morgage?. As this will decide how much time you can place into your chart to left click your strike rates.

Second, What is your strategy?. What are your rules?. Can you confirm that it has a frequency that will deliver consistency. This will create your income.

Third, From the first when you turn off your charts you turn off the mode of thinking about your positions. Providing you have rules and the confidence to see your positions through as trading is a job at the end of the day and must be respected as one.

Think about these first.

ParticipantLAD.


This is a great 3 point action plan.

i will be reviewing my own trading plan against this.

tracydavison
Mar 24 2019 at 07:22
34 posts
some great advice on here :) I shall follow as im a newbie to all this

walpants
Mar 24 2019 at 07:46
44 posts
dylanjessop posted:
walpants posted:
Ok so I'm looking for some help in creating my trading plan, what should I be thinking about when putting it together? what kind of things do I need to have in it? do I even need one at all?
Any help anyone can give would be very much appreciated as I'm feeling a little overwhelmed.


simple support and resistance levels would be a good place to start

Thank you

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